Contact

News & Insights

Expats, Do You Have a Regular Savings Plan?

It is easy to understand how the oversight can be made: being an expat on a high value salary in a foreign country with all the excitement and opportunity it brings can too easily result in a short-term and blinkered approach. Yet the reality remains that everyone faces demands on their income, and if these then become compounded by extra expenses such as school fees, nursing home fees for a parent, mortgage assistance for a child or something else, the need for the backup and liquidity of regular savings can quickly become apparent.

Now is Always the Best Time to Save

However long your stay abroad, there is never any time like the present to begin putting money into an expat regular savings plan.

Regardless of your age, the sooner you start saving, the more potential there is for growth. For example, compound savings mean that if you start saving now, not only do you have more time to earn interest, you also have the power to enjoy compound gains (the interest you earn on your interest).

Where possible, it is beneficial to put away as much as 20-30% of your salary—it might curb your spending power a little in the short-term, but over the longer-term you will have more freedom and more leverage.

And the great thing about an expat regular savings plan is that it is flexible enough to accommodate just about anyone’s financial goals: whether you are saving for a second home, a yacht, school fees or something else, you can make it work for you.

However, as with any aspect of financial planning, beginning the process of setting up your expat regular savings requires you to examine your goals, your budget and your options. This is a process best undertaken with the help of an experienced financial adviser or wealth manager.

Financial Advice and Wealth Management from Blacktower

Blacktower has more than three decades experience of helping its clients achieve their financial goals.

Ours is a holistic service—whether you want assistance with your retirement, inheritance or education fee planning or advice as to the best way to set up expat regular savings, we can help.

Contact your local office in Europe today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

FCA Publishes Retirement Transfer Data

There are few, if any, financial decisions as important as deciding what to do with your pension. Nowadays there are so many choices, but the factors that influence the path you choose are complex and should only ever be undertaken in full knowledge of the various options available as well as their many implications.

For example, significant numbers of UK citizens abroad are likely to benefit from an expat retirement transfer, but converting a defined benefit (DB) scheme into a QROPS or SIPP should never be undertaken without reliable and impartial advice that takes full account of the retirement saver’s circumstances.

Unfortunately, it can be difficult to find an expat financial adviser who understands all the regulatory and cross-border wealth planning issues at stake.

Read More

Expat Campaigners Close in on Frozen Pension Change

BubblePensions, whether private, workplace or state, are essential to the retirement planning of UK expats all over the world, whether they live as close to the UK as the Netherlands or Norway or as far away as Grand Cayman or the Grand Canyon.

However, around half a million British expats suffer a pensions shortfall of as much as £4,000 a year simply because they have chosen to live in a country or region without a reciprocal agreement with the UK and their pensions have been frozen.

Many of them feel it is unfair that they have no choice but to live on a lesser income or to take steps to redress the situation by consulting their expat financial advisers for inventive solutions. But, things may be about to change as MPs have created a parliamentary alliance to change the expat pensions law.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: